Pension Scheme: Investing in LIC’s New Jeevan Shanti Plan can be a great option for you. You can invest here for retirement.
LIC Policy for Senior Citizens: If retirement planning is done at the very beginning of the job, then the joy of cutting life in old age becomes different. Today we are telling about such a scheme of LIC which can be very helpful for old age. Investing in LIC’s New Jeevan Shanti Plan can be a great option for you. It is an annuity plan i.e. the pension is fixed at the time of purchase of the policy. Let us know how beneficial this plan can be and whether there is a process to invest in it.
LIC New Jeevan Shanti Plan
It is a non linked, non participating, individual, single premium, deferred annuity plan. Under this plan, any investor has to pay premium only once and in this you get pension for life. In this, you can invest in both single life and joint life modes.
Death benefit is available under the policy
Under both the plans of this scheme, the nominee gets the benefit of death benefit. The death benefit is more than the difference between the purchase price plus accrued additional benefit and the pension paid till the death of the policyholder.
How much will have to be invested in the scheme and how much will be pension
If you want to invest under this scheme, then you have to invest a minimum of 1.5 lakh rupees together. There is no limit on the maximum purchase price. Under this scheme, pension is given on monthly, quarterly, half yearly and yearly basis. The minimum pension on monthly basis is Rs 1000, quarterly pension is Rs 3000, half yearly pension is Rs 6000 and on yearly basis is Rs 12000.
Who can buy this policy
One can invest in this scheme for 30-79 years. The minimum deferment period is 1 year and the maximum is 12 years. Under this scheme, the nominee will get the death benefit either in lump sum or in installments for 5, 10 or 15 years.
Surrender value and loan details
This policy can be surrendered at any time. There is also the facility of taking loan in this plan. The loan on this scheme will be available after the completion of 3 months of the policy or after the end of the free look period.
